红利国企ETF（510720）近20日净流入超8亿元，红利风格在2026年或将延续

Group 1 - The Dividend State-Owned Enterprise ETF (510720) has seen a net inflow of over 800 million yuan in the past 20 days, indicating a strong interest in dividend stocks, which may continue into 2026 [1] - The performance of the dividend style is expected to outperform 2025 based on three dimensions: valuation attractiveness, anticipated earnings recovery in A-shares by late 2025 or early 2026, and increased allocation of incremental funds towards high-dividend assets [1] - The Producer Price Index (PPI) shows signs of marginal recovery, and the year-on-year increase in M1, along with the structural rebound logic of the CRB index and PPI, may support the recovery of cyclical profits, further enhancing the value of dividend asset allocation [1] Group 2 - The Dividend State-Owned Enterprise ETF (510720) tracks the State-Owned Dividend Index (000151), which selects high-dividend capable and stable dividend-paying companies across sectors like banking, coal, and transportation, focusing on traditional high-dividend areas [2] - The index employs a rigorous assessment of constituent stocks' dividend yield and sustainability, using a cross-industry diversification strategy to effectively control investment risks and reflect the overall market performance of high-dividend companies [2] - The ETF has consistently distributed dividends for 20 consecutive months since its listing, with monthly evaluations of dividends as per the fund's announcement [2]